The tax rate increases reduce economic growth; they shrink the pie; they cause more poverty, more despair, more unemployment, which are all things government is trying to alleviate with spending.
Arthur LafferThe zero-income-tax-rate states have far faster growth in tax revenues than did the states with highest income tax rate over this period.
Arthur LafferI mean, everyone agrees with stress tests for banks. I mean that's clear. But banks should do that on their own. And they should worry about their own capital functioning. That's what they should do. It shouldn't be a government function.
Arthur Laffer